New Jersey Chamber of Commerce President and CEO Tom Bracken issued a stark warning last night to a panel of state legislators who were on the verge of voting on a $56.6 billion state budget. Bracken said the proposed budget, as it stands, is a stopgap measure that will harm New Jersey’s economy and damage its business reputation. The spending plan includes what Bracken labeled an “outrageous and punitive” 2.5% tax on the state’s largest employers – dubbed a Corporate Transit Fee.

“I have been very clear about our opposition to this budget – and the Corporate Transit Fee – and the extreme harm each will be doing to the state,” Bracken said.